THE cost of food, petrol and gas could all go up even higher as financial markets react to Russian aggression against Ukraine.

Although the Ukrainian capital of Kyiv is more than 1,000 miles away from Brighton, the Russian invasion of Ukraine is likely to have a noticeable impact on the lives of people in the city and across the country.

Cost of energy could rise further

Financial markets saw oil and gas prices soar - with UK gas prices jumping by a third.

The spikes come in the wake of growing concern over rising prices for gas in recent months, with UK consumers warned energy bills could reach £3,000 a year.

Martin Young, energy analyst at Investec, warned that British households could face “devastating” rises if wholesale prices remain at their new high.

"The jump in electricity and gas prices of recent days has sent our October tariff cap estimate soaring above £3,000," he said.

Petrol prices could spike

The Ukrainian conflict could see a disruption to the normal supply of oil, with motoring groups warning that average petrol prices will soon jump above £1.50 per litre as a knock on effect of the Russian invasion.

Sources reported a new record high of an average of 149.5p per litre of petrol and almost 153p per litre for diesel, with every indication being that this will continue to rise.

RAC fuel spokesman Simon Williams said: "Russia’s actions will now push petrol pump prices up to £1.50 very soon.

"The question then becomes where will this stop and how much can drivers take just as many are using their cars more and returning to workplaces.

"If the oil price was to increase to $110 there’s a very real danger the average price of petrol would hit £1.55 a litre.

"This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would sky rocket the cost of a full tank to £85."

Weekly shop could jump in price

Unfortunately, consumers could be hit not only at the pump and from their energy use but also when they go to the supermarket.

Trade between the UK and Ukraine is relatively small, but it is a major supplier of wheat and corn, with economists warning the cost-of-living crisis could be exacerbated with inflation rising well beyond current predictions of around seven per cent later this year.

With global wheat prices surging in the aftermath of the start of Russia's invasion, the government said it will monitor and offer support as required if the full-scale invasion of Ukraine by Russia leads to a surge in global food prices.

​Commons Leader Mark Spencer said: "Clearly, the conflict in Ukraine between Russia and Ukraine is going to have an impact not only on global fuel prices, but also on global food prices as well.

"The Ukraine is an enormous supplier of food, of wheat and of bread.

"I think it’s something that the UK Government will monitor and, of course, will assist through its work to try and lessen the burden of the cost of living."

Global wheat prices had already been rising prior to the invasion and are are up nearly 40% this year, hitting levels not seen since 2013.

Brighton and Hove 'ready to offer support'

The leaders of the three main parties in Brighton and Hove, including council leader Phelim Mac Cafferty, condemned the invasion yesterday and said: "The council leadership will be hoping and striving for peace, and will be working closely with key agencies at national, regional, and local level to keep matters under close review to ensure we can respond as best we can to any implications arising for the city."

They also said they would do "all we can to provide information and support to residents" on the impact on energy supply and costs and that, as a city of sanctuary, Brighton and Hove stands ready to offer support.

Speaking to The Argus, Cllr Mac Cafferty confirmed that the city would welcome any Ukrainian refugees who come to Brighton and Hove, as they flee the invasion by Russian forces.

UK flights to Russia banned

If you had been planning to head to Russia on holiday, you may have to think again after Russia's civil aviation authority announced it has banned all UK flights to and over the country.

Rosaviatsiya said that all flights by UK carriers to Russia as well as transit flights have been banned, starting Friday.

It said the measure was taken in response to the “unfriendly decisions” by the British authorities who banned flights to the UK by Russian flag carrier Aeroflot as part of sanctions over Russia’s invasion of Ukraine.

This could potentially have an impact on travel times to Asian destinations, lengthening travel times and increasing fuel usage as flights find alternative and possibly longer routes to avoid Russian airspace.

Cyber attacks on Britain a possibility

Addressing the House of Commons yesterday, Prime Minister Boris Johnson said that the UK must be braced for repurcussions, including cyber attacks, in response to sanctions imposed on Russia.

He said: "We stand ready to protect our country from any threats including in cyberspace."

Home Secretary Priti Patel also said British officials were on alert for such attacks, plus disinformation campaigns.

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